Interim Results - Pre-tax Profit Up 17%

Sutton Harbour Holdings PLC 26 November 1999 SUTTON HARBOUR HOLDINGS PLC The operators of Plymouth's historic harbour announce their Interim Results for the six months ended 30 September 1999 'This has been a period of considerable progress. We concluded a ground breaking development agreement with Plymouth City Council and Plymouth Fisheries has built on its success by becoming the first UK independent fish market to go electronic. We now have an excellent platform for future growth across all our activities.' Ellen Winser, Chairman. HIGHLIGHTS Pre-tax profit up 17% to £417,000 (1998: £357,000) Turnover up 25% to £2.6 million (1998: £2.0 million) Major development programme signed with Plymouth City Council. Electronic Fish Auction on line and trading well. CHAIRMAN'S INTERIM STATEMENT The six months to the 30 September 1999 has been a period of considerable progress. We concluded a ground-breaking agreement with Plymouth City Council and Plymouth Fisheries has just become the first U.K. independent fish market to go electronic. Profit before tax has increased by almost 17% on turnover up by nearly 25%. The improved turnover largely reflects the fact that there was a substantial increase in fuel price which we were unable to pass fully on to our customers. This, combined with other competitive pressures, resulted in a constrained operating profit increase of just over 7%. The reduction in interest charges is due not only to the fall in rates generally but particularly to our having re-negotiated substantially improved terms with our bankers. Our agreement with Plymouth City Council will result in a programme of capital expenditure. Consequently the Board believes it is prudent at this interim stage to keep the dividend at last year's level of 1.4p per share. This will be paid on 14 January 2000 to shareholders on the register on 6 January. On 18 October the first catch of fish to be auctioned electronically at an independent auction in the U.K. took place at our market. The purpose of the electronic auction system , which is funded, owned and operated by Plymouth Trawler Agents, is to obtain premium prices for the fishermen. It will achieve this partly by expanding the number of buyers, particularly from remote sites, and partly by starting the auction high rather than low as in the traditional shout auction. Clearly the more buyers involved the greater the likelihood of good prices. By making the auction electronic buyers from literally all over the world can theoretically take part provided they have confidence in the quality and traceability of the product. The electronic auction system makes this possible. With the traditional shout auction the bids start low and move upwards whereas with the electronic auction system the initial price is set very high and falls step by step until it reaches a level a buyer is prepared to pay. The buyer indicates this by pressing a button at his desk. Many tests have shown that buyers tend to accept paying slightly higher prices when purchasing in this way. At present the system is not connected to any remote buyers but this will happen in the near future. Prices are holding up very well but of course the full benefit will not come on stream until the remote stations are linked. If, as we hope, the new system does lead to higher prices for the fishermen it is reasonable to suppose turnover will increase. Our company's revenue from the fish market is based on volume and price so potentially we stand to benefit from these developments. The new auction has created national interest. As I mentioned in our last annual accounts the aim of your directors is to maximise the potential of land around the harbour, waterfront and its immediate environs and at the same time to expand our trading activities in related fields. Several prospects are under consideration at present. The negotiations to conclude our recently announced development partnership with Plymouth City Council were lengthy and complex but the resultant opportunities to enhance profitability are considerable. The challenge is now to produce the appropriate projects to maximise shareholder value and to further improve the attraction of the area for both visitors and residents alike. Inevitably it will take quite a while for the full benefits of these additional developments to flow through. I mentioned in my statement at the Annual General Meeting that shares held in our company may qualify for Business Property Relief, more commonly known as Inheritance Tax Relief. We have received confirmation that at 31 March 1999 it appeared that none of our activities debar executors of deceased shareholders from claiming at least an element of Business Property Relief. The rules concerning this relief are complex and dependent on personal circumstances. Therefore, external tax advice should be sought before making arrangements to try to benefit from this relief. During the first six months of the year we believe your company continued to qualify for Reinvestment Relief for those shareholders who bought their shares when the relief was available. We believe that the progress during the last six months provides the Company with an excellent platform for growth over the coming years. Ellen Winser Chairman. 26 November 1999 Sutton Harbour Holdings Plc Interim Report 30 September 1999 GROUP PROFIT AND LOSS ACCOUNT 6 months to 6 months to Year Ended 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 _________________________________________________ Turnover 2,600 2,087 4,004 _________________________________________________ Operating Profit 540 505 1,015 Interest (123) (148) (282) ________________________________________________ Profit on Ordinary Activities 417 357 733 Before Taxation Taxation on Profit on - - - Ordinary Activities Write Off of ACT Debtor - - 253 _________________________________________________ Profit on Ordinary Activities 417 357 480 After Taxation and Attributable to Shareholders Dividends (140) (140) (379) _________________________________________________ Retained Profit £277 £217 £101 _________________________________________________ Earnings per Share 4.18p 3.58p 4.81p Dividend per Share 1.4p 1.4p 3.8p Sutton Harbour Holdings Plc Interim Report 30 September 1999 GROUP BALANCE SHEET As at As at As at 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 ______________________________________________ Fixed Assets £24,026 £23,819 £23,968 Current Assets Stock and Work in Progress 561 490 605 Debtors (due within one year) 1,020 815 932 Debtors (due after more than one year)- 253 - Cash at Bank and in Hand 2 1 2 ______________________________________________ 1,583 1,559 1,539 ______________________________________________ Creditors (due within one year) Bank Overdraft 3,833 3,648 3,702 Other 1,515 1,275 1,792 _____________________________________________ 5,348 4,923 5,494 ______________________________________________ Net Current Liabilities (3,765) (3,364) (3,955) ______________________________________________ Total Assets less Net Current Liabilities 20,261 20,455 20,013 Deferred Income (256) (317) (285) (due after more than one year) ______________________________________________ Net Assets £20,005 £20,138 £19,728 ______________________________________________ Shareholders' Funds £20,005 £20,138 £19,728 ______________________________________________ Sutton Harbour Holdings Plc Interim Report 30 September 1999 GROUP CASH FLOW STATEMENT 6 months to 6 months to Year Ended 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 _________________________________________________ Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities Operating Profit 540 505 1,015 Depreciation Charges 42 45 90 Loss (Profit) on disposal of Fixed Assets 2 (4) (4) (Profit) on sale of Investments - - (9) Amortisation of Grants (10) (13) (25) Amortisation of Intangible Fixed Assets - - 1 Decrease in Stock and Work in Progress 44 180 65 Decrease/(Increase) in Debtors (88) 81 (36) (Decrease)/Increase in Creditors (289) (368) 218 _______________________________________________ Net Cash Inflow from Operating Activities £241 £426 £1,315 _______________________________________________ CASH FLOW STATEMENT Net Cash Inflow from Operating Activities 241 426 1,315 Returns on Investment and Servicing of Finance (130) (148) (298) Taxation - (33) (89) Capital Receipts - 7 21 Capital Expenditure (102) (621) (1,142) Dividends Paid (140) - (235) Financing - 20 26 ______________________________________________ (Decrease) in Cash in the Period (£131) (£349) (£402) ______________________________________________ Reconciliation of Net Cash Flow to Movement in Net Debt (Decrease) in Cash in the Period (131) (349) (402) ______________________________________________ Increase in Net Debt in the Period (131) (349) (402) Net Debt Brought Forward (£3,700) (£3,298) (£3,298) ______________________________________________ Net Debt Carried Forward (£3,831) (£3,647) (£3,700) ______________________________________________ Sutton Harbour Holdings Plc Interim Report 30 September 1999 GROUP STATEMENT OF RECOGNISED GAINS 6 months to 6 months to Year Ended 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 ______________________________________________ Grants and Contributions for North Quay House, new Fish Market and Barbican Market developments - 20 58 Realisation of Revaluation Reserve on Sale of Tangible Fixed Assets - - (332) Reported Profits 417 357 480 _____________________________________________ £417 £377 £206 _____________________________________________ SEGMENTAL INFORMATION 6 months to 6 months to Year Ended 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) £'000 £'000 £'000 _______________________________________________ Turnover Fisheries Related 1,044 899 1,775 Marine Leisure 1,133 782 1,358 Property 423 406 871 _______________________________________________ £2,600 £2,087 £4,004 _______________________________________________ Sutton Harbour Holdings Plc Interim Report 30 September 1999 NOTES 1. The foregoing do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2. Earnings per Share for all periods have been calculated by reference to 9,979,848 ordinary shares in issue. The calculation of Earnings per Share is based on the following: 6 months to 6 months to Year Ended 30 September 30 September 31 March 1999 1998 1999 (unaudited) (unaudited) (audited) Profit for the period attributable to Ordinary Shareholders (£000) £417 £357 £480 Number of Ordinary Shares ('000's) 9,980 9,980 9,980 ______________________________________________ Earnings per Share 4.18p 3.58p 4.81p _______________________________________________ 3. No taxation has been provided due to the availability of losses brought forward from previous years. 4. Interest payable is stated after capitalisation of £Nil (1998: £6,000). 5. The interim ordinary dividend of 1.4p (net) per share (1998: 1.4p) totalling £139,718 (1998: £139,718) will be paid on 14 January 2000. 6. The interim financial statements have been prepared on the basis of the accounting policies set out in the Annual Report and Accounts. 7. The interim financial statements are not audited. 8. Copies of this announcement are available to members of the general public from the company's registered office: Sutton Harbour Holdings plc, North Quay House, Sutton Harbour, Plymouth PL4 0RA.

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